CALGARY, ALBERTA--(Marketwire - Mar 7, 2013) - Canadian Natural Resources Limited ( TSX : CNQ ) ( NYSE : CNQ ) Commenting on fourth quarter and year end results, Canadian Natural's Vice-Chairman, John Langille stated, "Canadian Natural generated in 2012 over $6.0 billion of annual cash flow from operations and demonstrated capital discipline throughout the year. The Company's exhibited long term ability to maintain flexibility of capital allocation and financial discipline over different [Read more]
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Interview with CP Rail’s Ed Greenberg
We interviewed Ed Greenberg from CP Rail about the company's involvement in and plans for shipping crude oil. Based on estimates, CP Rail forecasts it could ship around 70,000 carloads of crude oil in 2013--that's 45.5 million barrels of crude! Press the ‘play button’ to listen to this fascinating interview: [Read more]
Peyto Announces Q4 and Year End 2012 Report to Shareholders
CALGARY, ALBERTA--(Marketwire - March 6, 2013) - Peyto Exploration & Development Corp. ("Peyto" or the "Company") (PEY.TO) is pleased to report operating and financial results for the fourth quarter and the 2012 fiscal year. Peyto grew production and reserves per share to record levels in 2012 while delivering a 76% operating margin1 and a 23% profit margin2. An 8% return on capital and an 8% return on equity were achieved despite historically low natural gas prices. Highlights for 2012 [Read more]
Exxon Mobil expects production to dip this year on drop in natural gas, then rise next 4 years
NEW YORK - Exxon Mobil Corp. expects production to decline by about 1 per cent this year due to weaker output of natural gas, then rise in the next few years as new projects start up. The oil and gas giant expects annual production to rise by 2 per cent to 3 per cent per year through 2017. The company gave the forecast Wednesday at its annual meeting with analysts. Exxon Mobil's production fell 6 per cent last year, but the company still earned $44.9 billion, barely missing [Read more]
REPORT: $25 billion in-place to build Kitimat oil refinery
VANCOUVER - B.C. newspaper mogul David Black says a group of U.S. investors has committed funding for his plan to build a $25-billion oil refinery near the city of Kitimat on the province's northern coast. Speaking in Vancouver, Black says details still have to be worked out, but a memorandum of understanding has been signed and he insists it's "100 per cent." He says he expects to announce more details about the investors in the coming weeks. Black's plan is for a refinery to [Read more]
Crude oil inventory rises well above analyst forecasts
U.S. commercial crude oil inventories increased by 3.8 million barrels from the previous week, well above the expected build of ~3.8 million barrels due to higher refinery utilization. Total crude oil stocks of 381.4 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories decreased by 2.4 million barrels last week. [table] [attr style="width: 25%"]March 1`[attr style="width: 25%"]February 22`[attr style="width: [Read more]
Talisman Energy to cut capital budget by 25 per cent, work on more asset sales
CALGARY - Talisman Energy Inc. (TSX:TLM) is planning a further $2.3 billion of dispositions or joint ventures over the next 12 to 18 months, including marketing some of its assets in western Canada. The Calgary-based oil and gas company has reduced its capital budget to $3 billion this year, a 25 per cent reduction from 2012. Talisman says the reduced capital budget is mostly as a result of the sale of most of its North Sea operations last year to Chinese oil giant Sinopec for [Read more]
Little reaction in oil market to Chavez death
By Pamela Sampson, THE ASSOCIATED PRESS BANGKOK – Oil markets are taking the death of Venezuelan President Hugo Chavez in stride, with the price of crude little changed Wednesday. Chavez, who died Tuesday after a two-year battle with cancer, oversaw a decline in oil production during his 14 years as the leader of Venezuela, and analysts don’t expect that trend to change immediately. The full impact of his death may not be felt until Venezuela, which sits on the world’s second-largest oil [Read more]
NuVista Energy Ltd. Announces Fourth Quarter and Year End 2012 Results
CALGARY, ALBERTA--(Marketwire - March 6, 2013) - NuVista Energy Ltd. ("NuVista") (NVA.TO) is pleased to announce results for the three and twelve months ended December 31, 2012 and provide an update on its future business plans. 2012 was a pivotal and successful year for NuVista as the business model was transformed in this challenging natural gas price environment. In our year end 2011 press release we indicated we would be carefully evaluating our business to preserve value and ensure a [Read more]
Athabasca Oil Corporation Provides Light Oil Operations Update
CALGARY, March 6, 2013 /CNW/ - Athabasca Oil Corporation (TSX:ATH.TO) is pleased to provide an update of its light oil operations in the Fox Creek area of the Alberta Deep Basin. In December 2012, the Light Oil Division achieved its goal with production rates of greater than 10,000 barrels of oil equivalent per day (boe/d) comprised of approximately 50 percent oil and condensate. Daily oil and gas production ramped up during Q4 2012, as the Company constructed and commissioned its [Read more]